Is Exxon Mobil Stock Ready for a Bounce?

The stock looks ripe for more analyst upgrades

Jun 29, 2022 at 12:55 PM
facebook X logo linkedin

This commentary first appeared on Forbes Great Speculations, where Schaeffer's Investment Research is a regular contributor.

Exxon Mobil Corp (NYSE:XOM) stock is taking a hit today as oil and energy stocks fall, following U.S. President Joe Biden’s push to temporarily pause taxes on gasoline amid rising fuel costs. XOM’s pullback is relatively tame, with the shares last seen down 3% at $88.74. Plus, this negative price action has put the security back near a historically bullish trendline, suggesting this slump could be short-lived.

Specifically, the equity came within one standard deviation of its 70-day moving average, per one study from Schaeffer’s Senior Quantitative Analyst Rocky White. According to this data, XOM has seen five similar occurrences in the past three years. One month after 60% of these instances, the stock was higher, averaging a return of 4.1% during that time period. A similar move from its current perch would put XOM just below the $93 level, and closer to its June 8 record high of $105.57.

xom fobes repost june 29

The security’s recent highs succeeded a bull note from Evercore ISI. More brokerages could follow its lead, too, as eight of the 15 in coverage still consider Exxon Mobil stock a “hold” or worse.

Options traders have also been more bearish than usual. While calls are still outnumbering puts on an overall basis at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock’s 50-day put/call volume ratio sits higher than all other readings from the past year. In other words, long puts have been picked up at their fastest pace during this time period.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI